Snaptrip secures £1.5 million in fresh round of funding

Discounted last minute UK holiday cottage platform Snaptrip has secured an additional £1.5 million through a fresh fundraising round.

This takes total investment in the company beyond £2.2 million since being established in April 2014.

The London-based business will use the money to expand its marketing, product development and on key recruitment.

Snaptrip claims to have grown in 18 months to represent the largest number of instantly bookable UK self-catering properties on the internet.

Users of the site can search more then 40,000 cottages, presenting only available properties for their selected dates, displayed with live pricing and without any hidden charges.

A total of 30,000 people used the site last year to book last minute cottage breaks, giving claimed combined savings of £400,000.

The company also introduced a Secret Escapes-style membership scheme last summer, allowing members to receive exclusive discounts on selected last minute breaks.

The membership model offers exclusive prices on more than half of the cottages listed on in return for an email address.

Members are five times more likely to make a booking than first time visitors and by utilising search data, Snaptrip is able communicate more relevant messages that are tailored to the individual, according to the company.

Co-founder and chief executive, Matt Fox, said: “For years there have been numerous last minute brands offering discounted breaks to hotels all around the world. Now there is a focused brand for the consumer who wants to book last minute holiday rental properties with exclusive discounts.

“The value we have added to these consumers, coupled with the fantastic bookings of unsold inventory that we provide our supply partners, has been validated by the funding we have raised and the quality of the investment partners we have onboard.”

James Stoddart, partner of venture capital firm Bestport Ventures which led the funding round, will take a seat on the Snaptrip board.

He said: “Snaptrip’s growth trajectory in 2015 and the ability of the management team to consistently hit targets were the key reasons behind making the investment.

“We were impressed by the team’s expertise and unique approach to the holiday rentals sector and look forward to supporting the business through its next growth phase.“

Also taking part in the fund raising was the London Co-Investment Fund, via its partnership with existing Snaptrip investor Craigie Captial.

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